MIRA INFORM REPORT

 

 

Report Date :

08.08.2007

 

IDENTIFICATION DETAILS

 

Name :

HAZIRA PORT PRIVATE LIMITED

 

 

Registered Office :

101 – 103 Abhijeet – II, Mithakhali Circle, Ahmedabad 380 006, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006 (15 months)

 

 

Date of Incorporation :

11.10.2000

 

 

Com. Reg. No.:

38781

 

 

CIN No.:

[Company Identification No.]

U63010GJ2000PTC038781

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in providing Port Facilities.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 7048872

 

 

Status :

New Company

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is new company project under implementation, promoted by strong promoters. Available information indicates high financial responsibility of the management and company. Trade relations are fair. Payments are usually correct and as per commitments.

The company can be considered good for normal business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

101 – 103 Abhijeet – II, Mithakhali Circle, Ahmedabad 380 006, Gujarat, India

Tel. No.:

91-79-30011100

Fax No.:

91-79-30011101

E-Mail :

surit.mitra@shell.com

enquiries@haziralng.com

 

 

DIRECTORS

 

Name :

Mr. Vikram Singh Mehta

Designation :

Director

Address :

18, New Friends Colony, New Delhi, India

Date of Birth/Age :

30.10.1952

Date of Appointment :

11.10.2000

 

 

Name :

Mr. Marc Den Hartog

Designation :

Director

Address :

Gupta Farms No. 1, Jhandewala Behind –D3, Mall Road, Kishangarh, Vasant Kunj, New Delhi, India

Date of Birth/Age :

08.05.1960

Date of Appointment :

22.03.2002

 

 

Name :

Mr. Nitin C Shukla

Designation :

Director

Address :

13, Basant Bahar, Bhopal, Ahmedabad 380 058, India

Date of Birth/Age :

14.04.1952

Date of Appointment :

22.03.2002

 

 

Name :

Mr. Jean Pierre Janqua

Designation :

Director

Address :

6B, 6th Floor, Berjaya House, Community Centre, New Friends Colony, New Delhi, India

Date of Birth/Age :

26.02.1959

Date of Appointment :

19.03.2004

 

 

Name :

Mr. Jacques Chambert Loir

Designation :

Director

Address :

75, Friends Colony, West, New Delhi 110 065, India

Date of Birth/Age :

22.03.1949

Date of Appointment :

22.03.2005

 

 

Name :

Mr. Martin Vernon Twilley

Designation :

Director

Address :

2, Green Way Close, West Byfleet Surrey Kt14 6q2

Date of Birth/Age :

29.12.1947

Date of Appointment :

11.10.2000

 

 

Name :

Mr. Martin Andrew Foley

Designation :

Director

Address :

3/11, Shantiniketan, New Delhi, India

Date of Birth/Age :

11.06.1967

Date of Appointment :

11.10.2000

 

 

Name :

Mr. Vipul Agarwal

Designation :

Director

Address :

D-132, Sector 41, Noida, Uttar Pradesh, India

Date of Birth/Age :

25.08.1970

Date of Appointment :

04.02.2002

 

 

Name :

Mr. Paulides B Gerardus

Designation :

Director

Address :

Randor House Wood, Riding Pyrford Woods, Pyrford, Surrey, GU22 8RH, United Kingdom

 

 

Name :

Mr. Gerald Wouter Kok

Designation :

Director

Address :

3-11, Shanti Niketan, New Delhi, India

Date of Birth/Age :

14.09.1961

Date of Appointment :

11.03.2002

 

 

Name :

Mr. Denis Giorni

Designation :

Director

Address :

14, Allee Sisley, 78560 Le Port, Marly, France

Date of Birth/Age :

15.01.1951

Date of Appointment :

19.03.2004

 

 

Name :

Mr. Bellinga Harm Cornelis

Designation :

Director

Address :

Flat 48, Country Hall, North Block, London, SE1PJ, UK

Date of Birth/Age :

12.08.1952

Date of Appointment :

16.05.2003

 

 

Name :

Mr. Parimal Vasavada

Designation :

Director

Address :

201, Jadeshwar Apartment, Anandnagar Society, Paldi, Ahmenabad, India

Date of Birth/Age :

31.08.1954

Date of Appointment :

01.07.2002

 

 

Name :

Mr. Stephen Vernon Twilley

Designation :

Director

 

 

Name :

Mr. Priti Devi

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Parimal Vasavada

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Shell gas BV

 

195340052

B V petroleum assurantie

 

1

Total gaz electricite holdings

 

68632990

Mr. Martin Andrew Foley

 

400000

 

 

 

 

Equity share breakup (percentage of total equity)

S. No.

Category

Percentage

1

Foreign holdings (foreign institurional investor(s), foreign companie(s) foreign financial institution(s), Non-resident Indian(s) or overseas corporate bodies or others

100.00

 

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in providing Port Facilities.

 

 

GENERAL INFORMATION

 

 

Bankers:

Not Available

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Price waterhouse

Chartered Accountants

Address :

P-1, Aditya Vihar, Saidulajab, Opposite D-Block, Saket Mehrauli, Badarpur Road, New Delhi 110 030

 

 

Holding Company:

Shell Gas B V

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

471500000

Equity shares

Rs. 10/- each

Rs. 4715.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

263973000

Equity shares

Rs. 10/- each

Rs. 2639.730 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

(15 Months)

31.12.2004

(12 Months)

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

2639.730

2295.366

2] Share Application Money

 

68.802

0.000

3] Reserves & Surplus

 

(946.314)

0.000

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

1762.218

2295.366

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.000

0.000

2] Unsecured Loans

 

8289.528

6834.215

TOTAL BORROWING

 

8289.528

6834.215

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

10051.746

9129.581

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

10606.900

4.074

Capital work-in-progress

 

0.000

9099.834

 

 

 

 

INVESTMENT

 

5.492

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

0.000

0.000

 

Sundry Debtors
 

0.000

0.000

 

Cash & Bank Balances
 

6.983

61.439

 

Other Current Assets
 

1.445

8.007

 

Loans & Advances
 

37.075

4.592

Total Current Assets
 

45.503

74.038

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

642.080

573.826

 

Provisions
 

0.171

0.471

Total Current Liabilities
 

642.251

574.297

Net Current Assets
 

(596.748)

(500.259)

 

 

 

 

MISCELLANEOUS EXPENSES

 

11.770

12.359

Pre – Operative Expenditure Pending Allocation

 

24.332

513.573

 

 

 

 

TOTAL

 

10051.746

9129.581

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

31.03.2006

(15 Months)

Sales Turnover

 

 

 

Other Income

 

 

 

Total Income

 

 

1.411

 

 

 

 

Profit/(Loss) Before Tax

 

 

(945.918)

Provision for Taxation

 

 

0.396

Profit/(Loss) After Tax

 

 

(946.314)

 

 

 

 

Expenditures :

 

 

 

 

Financial charges

 

 

0.687

 

Depreciation & Amortization

 

 

331.720

 

Other Expenditure

 

 

282.515

Total Expenditure

 

 

614.922

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2006

(15 Months)

PAT / Total Income

(%)
 

 

(67066.90)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

 

(67038.83)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

(8.87)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

0.53

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

5.06

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

0.07

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Further Information

The subject company enter into a cost sharing for common functions agreement with Hazira LNG Private Limited (HLPL) and Hazira Gas Private Limited (HGPL) having their Registered office situated at 101 – 103 Abhijeet – II, Mithakhali Circle, Ahmedabad 380 006, Gujarat, India

 

The subject company i. e. Hazira Port Private Limited (HPPL) proposes to enter into an agreement for reimbursement of cost with Hazira Gas Private Limited (HGPL) and Hazira LNG Private Limited (HLPL)

 

The subject company was incorporated on October 11, 2000 as subsidiary of Shell Gas BV. The subject is now a joint venture between Shell Gas BV and total Gaz Electricite Holdings France. The subject is engaged in providing port facilities

 

Hazira LNG Private Limited (HLPL): The company was incorporated on October 11, 2000 as subsidiary of Shell Gas BV. The company is a join Venture between Shell Gas BV and totalGaz Electricite Holdings France. The company is engage in to exlore, develop, refine, liquefy, regasify, transport, distribute, market and trade gas liquefied natural Gas.

 

Hazia Gas Private Limited (HGPL): the company was incorporated on March 18, 2002 and pursuant to an approval form SIA as a subsidiary of Shell Gas BV. The company is now joints venture between Shell Gas BV and total Gaz eletircite holdings France. The company is engaged in the business and market development to supply regassified LNG to customer in Gujarat and other parts of India. The company has executed a Master sales and purchase agreement for the purchase of LIG.

 

Proposed Cost sharing agreement

HPPL proposed to entire into a cost sharing for common function agreement HGPL and HLPL for expenditure incurred as per the terms set out in the agreement

 

Period:

The contract is proposed to be made effective from April 1 2660 for a period of 10 years i. e. terminating on March 31.02.2006

 

Expected from the contract:

HPPL estimates reimbursement of experienced of expenses of Rs. 1115650.000 million form the cost sharing for common function agreements 10 years

 

As per website details:

 

The Port


Subject, is a deep-water, all-weather, multi-cargo port, which will be a significant infrastructure asset to the state of Gujarat.


Hazira ( Surat) Port is designed as a deepwater, all weather and direct berthing port. It is situated in the state of Gujarat on the west coast of India, is about 25 km from Surat and 120 nautical miles north of Mumbai. It is built with a harbour design with additional waterfront for development of non-LNG cargo handling terminals.


Subject is planned as a ‘Gateway Port’ to serve the hinterlands of North, West & Central India. It has the added advantage of possessing a highly industrialized immediate hinterland, where the container traffic is expected to grow at over 13%


Subject has an approach channel of about 1000 m, turning radius of 600 m and dredged depth of (-12) m chart datum with a capacity to accommodate larger vessels using tidal variance.


The expansion of the functionality of the port to handle Containers as well as bulk cargo will involve additional investments potentially up to another Rs 30000.000 millions.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.40.67

UK Pound

1

Rs.82.12

Euro

1

Rs.55.60

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

--

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

--

--CREDIT LINES

1~10

7

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

41

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions